Net political advertising revenues were $42.5 million, an increase of 90% compared to third quarter 2014 and an increase of 36% over third quarter 2016

Retransmission revenues increased 12% to $116.6 million

Carriage fee revenues increased 30% to $40.1 million

“We are very pleased with our record third quarter revenue and Adjusted EBITDA which reflect the strong operational year we are having,” said Peter Kern, Tribune Media’s Chief Executive Officer. “We drove share gains in political and core advertising along with reaping the benefits of unprecedented political spending and stronger core advertising in our markets. Net of displacement, we estimate core advertising growth would have been in positive territory for the quarter, which is a significant improvement compared to the first half of the year. This robust advertising performance along with continued growth in retransmission and carriage fees and diligent focus on costs produced a terrific third quarter. We are proud of the work our teams have done during this time, and we look forward to a strong finish to the year.”

THIRD QUARTER AND YEAR-TO-DATE RESULTS

Consolidated

Consolidated operating revenues for the third quarter of 2018 were $498.0 million compared to $450.5 million in the third quarter of 2017, representing an increase of $47.5 million, or 11%. The increase was primarily driven by higher political advertising revenues, retransmission revenues and carriage fee revenues, partially offset by lower core advertising revenues and the absence of barter revenues, which are no longer recognized under the new revenue guidance adopted in the first quarter of 2018. Excluding third quarter 2017 barter revenues, consolidated operating revenues increased by 12%.

For the nine months ended September 30, 2018, consolidated operating revenues were $1,431.0 million compared to $1,360.0 million in the nine months ended September 30, 2017, representing an increase of $71.0 million, or 5%. Excluding barter revenues in the nine months ended September 30, 2017, consolidated operating revenues increased by 7%.

Consolidated operating profit was $37.1 million for the third quarter of 2018 compared to an operating loss of $29.5 million for the third quarter of 2017, representing an increase of $66.6 million. The increase was primarily attributable to higher operating profit at Television and Entertainment, driven by an increase in revenues and a decrease in programming expenses primarily due to a lower impairment charge on syndicated programming at WGN America, partially offset by higher compensation expense. For the nine months ended September 30, 2018, consolidated operating profit increased $360.2 million to $322.5 million from an operating loss of $37.8 million in the nine months ended September 30, 2017, largely as a result of a $133 million net pretax gain related to licenses sold in the FCC spectrum auction and surrendered in January 2018, as well as higher Television and Entertainment revenues, lower programming expenses and a lower operating loss at Corporate and Other driven primarily by a decline in compensation and outside services expense.

Consolidated income from continuing operations was $54.1 million in the third quarter of 2018 compared to a consolidated loss from continuing operations of $18.7 million in the third quarter of 2017. In the third quarter of 2018, the Company recorded an additional income tax benefit of $24 million, or $0.27 per common share, to revise the provisional discrete net tax benefit recorded in the fourth quarter of 2017 due to Tax Reform. Diluted earnings per common share from continuing operations for the third quarter of 2018 was $0.61 compared to a diluted loss per common share from continuing operations of $0.21 for the third quarter of 2017. Adjusted diluted earnings per share (“Adjusted EPS”) from continuing operations for the third quarter of 2018 was $0.63 compared to $0.31 for the third quarter of 2017. Both diluted earnings per common share from continuing operations and Adjusted EPS from continuing operations include an income tax benefit of $3 million, or $0.04 per common share, in the third quarter of 2018 and a $1 million income tax charge, or $0.02 per common share, in the third quarter of 2017, related to certain tax adjustments.

Consolidated income from continuing operations was $279.7 million for the nine months ended September 30, 2018 compared to a consolidated loss from continuing operations of $149.7 million for the nine months ended September 30, 2017, which included total non-cash pretax impairment charges of $180.8 million ($117.0 million after tax), or $1.35 per common share, to write down the Company’s investment in CareerBuilder, LLC (“CareerBuilder”). For the nine months ended September 30, 2018, diluted earnings per common share from continuing operations was $3.17 compared to diluted loss per common share from continuing operations of $1.72 for the nine months ended September 30, 2017. Adjusted EPS from continuing operations for the nine months ended September 30, 2018 was $2.13 compared to $0.60 for the nine months ended September 30, 2017. Both diluted earnings per common share from continuing operations and Adjusted EPS from continuing operations for the nine months ended September 30, 2018 include an income tax benefit of less than $1 million and an income tax benefit of $1 million, or $0.01 per common share, for the nine months ended September 30, 2017.

Net income attributable to Tribune Media Company was $54.1 million in the third quarter of 2018 compared to a net loss attributable to Tribune Media Company of $18.7 million in the third quarter of 2017. Net income attributable to Tribune Media Company was $279.7 million for the nine months ended September 30, 2018 compared to a net loss attributable to Tribune Media Company of $134.7 million for the nine months ended September 30, 2017.

Consolidated Adjusted EBITDA increased to $136.8 million in the third quarter of 2018 from $119.9 million in the third quarter of 2017, representing an increase of $16.9 million, or 14%. The increase in consolidated Adjusted EBITDA was primarily attributable to higher advertising revenues, retransmission revenues and carriage fee revenues, partially offset by higher programming expense, which excludes program impairment charges, at Television and Entertainment. For the nine months ended September 30, 2018, consolidated Adjusted EBITDA increased $144.7 million, or 53%, to $417.5 million compared to $272.8 million for the nine months ended September 30, 2017.

Income on equity investments, net increased $11.3 million, or 54%, in the three months ended September 30, 2018 primarily due to higher equity income from TV Food Network and CareerBuilder. The Company recognized equity income from TV Food Network of $32.2 million and $26.0 million for the three months ended September 30, 2018 and September 30, 2017, respectively, as well as equity income from CareerBuilder of $0.4 million for the three months ended September 30, 2018 and an equity loss of $5.1 million for the three months ended September 30, 2017. The increase in the equity income of TV Food Network was due to higher reported net income. The increase in the equity income of CareerBuilder was largely due to the absence of non-recurring transaction expenses incurred by CareerBuilder in 2017 related to the CareerBuilder sale on July 31, 2017. Income on equity investments, net increased $25.2 million, or 26%, in the nine months ended September 30, 2018 largely due to higher equity income from TV Food Network and CareerBuilder, as discussed above, along with recognizing our share of the gain on the sale of one of CareerBuilder’s business operations on May 14, 2018.

There were no cash distributions from equity investments in the third quarter of 2018 as TV Food Network adjusted its required year-to-date cash distributions to cover the Company’s taxes on its share of partnership income based on the reduction in tax rates from Tax Reform, which resulted in no distribution required for the third quarter of 2018. This only impacts the timing of distributions in 2018 and does not impact total expected excess cash distributions from TV Food Network related to 2018. Cash distributions from equity investments in the third quarter of 2017 were $32.9 million, which included an excess cash distribution of $15.8 million from CareerBuilder related to the partial sale of CareerBuilder. On September 13, 2018, the Company sold its remaining ownership interest in CareerBuilder for pretax proceeds of $11 million and recognized a pretax loss of $5 million. Cash distributions from equity investments for the nine months ended September 30, 2018 were $158.9 million compared to $182.6 million for the nine months ended September 30, 2017.

Television and Entertainment

Revenues were $494.6 million in the third quarter of 2018 compared to $447.3 million in the third quarter of 2017, an increase of $47.3 million, or 11%. Excluding barter revenues in the third quarter of 2017, revenues increased $54.4 million, or 12%. The increase was driven by a $37.3 million increase in political advertising revenue, a $12.0 million, or 12%, increase in retransmission revenues and a $9.1 million, or 30%, increase in carriage fee revenues, partially offset by a $5.3 million, or 2%, decrease in core advertising revenues.

Television and Entertainment segment revenues for the nine months ended September 30, 2018 were $1,421.7 million compared to $1,349.4 million for the nine months ended September 30, 2017, an increase of $72.3 million, or 5%. Excluding barter revenues in 2017, revenues increased $93.4 million, or 7%. The increase was driven by a $61.3 million increase in political advertising revenue, a $48.2 million, or 16%, increase in retransmission revenues and a $26.1 million, or 27%, increase in carriage fee revenues, partially offset by a decrease in core advertising revenues of $51.4 million, or 6%.

Television and Entertainment operating profit was $67.3 million for the third quarter of 2018 compared to an operating loss of $1.4 million for the third quarter of 2017, an increase of $68.7 million. The increase was primarily due to a $47.3 million increase in revenues, as described above, and a $38.0 million decline in programming expense, primarily due to lower program impairment charges and the absence of barter expense due to the new revenue guidance adopted in 2018, partially offset by a $24 million increase in network affiliate fees mainly due to the renewal of network affiliation agreements in eight markets with FOX Broadcasting Company during the third quarter of 2018. Programming expense for the third quarter of 2018 included a $28 million program impairment charge for the syndicated program Elementary at WGN America, compared to an $80 million program impairment charge for the syndicated programs Elementary and Person of Interest at WGN America in the third quarter of 2017.

Television and Entertainment Adjusted EBITDA was $153.0 million for the third quarter of 2018 compared to $135.1 million in the third quarter of 2017, an increase of $17.9 million, or 13%, primarily due to higher political advertising revenues, retransmission revenues and carriage fee revenues, partially offset by lower core advertising revenues and barter revenues, as described above, and higher programming expense, which excludes program impairment charges.

For the nine months ended September 30, 2018, Television and Entertainment operating profit was $398.9 million compared to $68.9 million for the nine months ended September 30, 2017, an increase of $330.0 million, which included the $133 million net pretax gain related to licenses sold in the FCC spectrum auction. Television and Entertainment Adjusted EBITDA was $462.0 million compared to $322.0 million for the nine months ended September 30, 2017, an increase of $140.0 million, or 43%.

Television and Entertainment Broadcast Cash Flow was $170.6 million for the third quarter of 2018 compared to $129.7 million in the third quarter of 2017, an increase of $40.9 million, or 32%. For the nine months ended September 30, 2018, Television and Entertainment Broadcast Cash Flow was $447.2 million compared to $321.6 million for the nine months ended September 30, 2017, an increase of $125.6 million, or 39%.

Corporate and Other

Real estate revenues for the third quarter of 2018 were $3.4 million compared to $3.2 million for the third quarter of 2017, representing an increase of $0.2 million, or 5%. Real estate revenues for the nine months ended September 30, 2018 were $9.3 million compared to $10.6 million for the nine months ended September 30, 2017, representing a decrease of $1.3 million, or 12%.

Corporate and Other operating loss for the third quarter of 2018 was $30.2 million compared to $28.1 million for the third quarter of 2017. Corporate and Other Adjusted EBITDA for the third quarter of 2018 represented a loss of $16.3 million compared to a loss of $15.3 million for the third quarter of 2017. For the nine months ended September 30, 2018, Corporate and Other operating loss was $76.4 million compared to $106.6 million for the nine months ended September 30, 2017. Corporate and Other Adjusted EBITDA for the nine months ended September 30, 2018 represented a loss of $44.5 million compared to a loss of $49.2 million for the nine months ended September 30, 2017.

Discontinued Operations

On January 31, 2017, the Company completed the sale of substantially all of the Digital and Data business operations (the “Gracenote Sale”) and received gross proceeds of $584 million, including a purchase price adjustment of $3 million. The historical results of operations for the businesses included in the Gracenote Sale are reported as discontinued operations for all periods presented herein. Accordingly, all references made to financial data in this release are to Tribune Media Company’s continuing operations.

RETURN OF CAPITAL TO SHAREHOLDERS

Quarterly Dividend

On November 8, 2018, the Board of Directors (the “Board”) declared a quarterly cash dividend on the Company’s common stock of $0.25 per share to be paid on December 4, 2018 to holders of record of the Company’s common stock and warrants as of November 19, 2018. Future dividends will be subject to the discretion of the Company’s Board.

RECENT DEVELOPMENTS

Termination of Sinclair Merger Agreement

As previously disclosed, on August 9, 2018, the Company provided notification to Sinclair Broadcast Group, Inc. (“Sinclair”) that it had terminated the Merger Agreement, effective immediately, on the basis of Sinclair’s willful and material breaches of its covenants and the expiration of the end date thereunder. Additionally, on August 9, 2018, the Company filed a complaint in the Delaware Court of Chancery against Sinclair (the “Complaint”), alleging that Sinclair willfully and materially breached its obligations under the Merger Agreement and seeking damages for all losses incurred as a result of Sinclair’s breach of contract under the Merger Agreement. On August 29, 2018, Sinclair filed an answer to the Company’s Complaint and a counterclaim (the “Counterclaim”). On September 18, 2018, the Company filed an answer to the Counterclaim. The Company believes the Counterclaim is without merit and intends to defend it vigorously. In connection with the termination of the Merger Agreement on August 9, 2018, the Company provided notification to Fox that it has terminated the Fox Purchase Agreement, effective immediately. Under the terms of each of the Merger Agreement and the Fox Purchase Agreement, no termination fees were payable by any party.

Real Estate Transactions

On October 9, 2018, the Company sold its Melville, NY property for net proceeds of $53 million. The Company expects to recognize a net pretax gain of approximately $24 million in the fourth quarter of 2018 relating to the sale. On October 23, 2018, the Company sold its Hartford, CT property for net proceeds of $6 million. The Company expects to recognize a net pretax gain of less than $1 million in the fourth quarter of 2018 relating to the sale. The Company defines net proceeds as pretax cash proceeds on the sale of properties, net of associated selling costs.

FCC Spectrum Auction

On April 13, 2017, the FCC announced the conclusion of the incentive auction, the results of the reverse and forward auction and the repacking of broadcast television spectrum. The Company participated in the auction and received approximately $191 million in pretax proceeds (including $26 million of proceeds received by Dreamcatcher Broadcasting LLC (“Dreamcatcher”)) as of December 31, 2017. FCC licenses that were part of the FCC spectrum auction with a carrying value of $39 million have been included in assets held for sale as of December 31, 2017. In 2017, the Company received $172 million in gross pretax proceeds for these licenses as part of the spectrum auction and in the first quarter of 2018 recognized a net pretax gain of $133 million related to the surrender of the spectrum of these television stations in January 2018.

CONFERENCE CALL INFORMATION

The Company will host a conference call today at 8:30 a.m. ET. The conference call can be accessed on the Investor Relations homepage of Tribune Media’s website at www.tribunemedia.com, or by dialing (888) 317-6003 (domestic) or (412) 317-6061 (international). The confirmation code is 3324366.

An audio webcast replay will be available in the Events and Presentations section of the Tribune Media website approximately one hour after completion of the call. A replay of the call will also be available until November 9, 2019 at (877) 344-7529 (domestic) or (412) 317-0088 (international). The confirmation code for the replay is 10125839.

The Company is not providing financial guidance for the remainder of 2018.

Tribune Media Company (NYSE: TRCO) is home to a diverse portfolio of television and digital properties driven by quality news, entertainment and sports programming. Tribune Media is comprised of Tribune Broadcasting’s 42 owned or operated local television stations reaching approximately 50 million households, national entertainment cable network WGN America, whose reach is more than 77 million households, and a variety of digital applications and websites commanding 54 million monthly unique visitors online. Tribune Media also includes Chicago’s WGN-AM and the national multicast networks Antenna TV and THIS TV, and Covers Media Group, an unrivaled source of online sports betting information. Additionally, the Company owns and manages a significant number of real estate properties across the U.S. and holds a variety of investments, including a 31% interest in Television Food Network, G.P., which operates Food Network and Cooking Channel. For more information please visit www.tribunemedia.com.

This press release includes a discussion of Adjusted EBITDA and Adjusted EPS for the Company and Adjusted EBITDA for our operating segments (Television and Entertainment and Corporate and Other) and presents Broadcast Cash Flow for our Television and Entertainment segment. Adjusted EPS, Adjusted EBITDA and Broadcast Cash Flow are financial measures that are not recognized under GAAP. Adjusted EPS is calculated based on income (loss) from continuing operations before investment transactions, loss on extinguishments and modification of debt, certain special items (including severance), certain income tax charges, non-operating items, gain (loss) on sales of real estate, gain on sales of spectrum, impairments and other non-cash charges and reorganization items per common share. Adjusted EBITDA for the Company is defined as income (loss) from continuing operations before income taxes, investment transactions, loss on extinguishments and modification of debt, interest and dividend income, interest expense, pension expense (credit), equity income and losses, depreciation and amortization, stock-based compensation, certain special items (including severance), non-operating items, gain (loss) on sales of real estate, gain on sales of spectrum, impairments and other non-cash charges and reorganization items. Adjusted EBITDA for the Company’s operating segments is calculated as segment operating profit plus depreciation, amortization, pension expense (credit), stock-based compensation, impairments and other non-cash charges, gain (loss) on sales of real estate, gain on sales of spectrum and certain special items (including severance). Broadcast Cash Flow for the Television and Entertainment segment is calculated as Television and Entertainment Adjusted EBITDA plus broadcast rights amortization expense less broadcast rights cash payments. We believe that Adjusted EBITDA and Broadcast Cash Flow are measures commonly used by investors to evaluate our performance with that of our competitors. We also present Adjusted EBITDA because we believe investors, analysts and rating agencies consider it useful in measuring our ability to meet our debt service obligations. We further believe that the disclosure of Adjusted EPS, Adjusted EBITDA and Broadcast Cash Flow is useful to investors as these non-GAAP measures are used, among other measures, by our management to evaluate our performance. By disclosing Adjusted EPS, Adjusted EBITDA and Broadcast Cash Flow, we believe that we create for investors a greater understanding of, and an enhanced level of transparency into, the means by which our management operates our company. Adjusted EPS, Adjusted EBITDA and Broadcast Cash Flow are not measures presented in accordance with GAAP, and our use of these terms may vary from that of others in our industry. Adjusted EPS, Adjusted EBITDA and Broadcast Cash Flow should not be considered as an alternative to net income, operating profit, revenues, cash provided by operating activities or any other measures derived in accordance with GAAP as measures of operating performance or liquidity. The tables at the end of this press release include reconciliations of consolidated Adjusted EPS and Adjusted EBITDA and segment Adjusted EBITDA and Broadcast Cash Flow to the most directly comparable financial measures calculated and presented in accordance with GAAP.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond our control. Forward-looking statements may include, but are not limited to, the termination of the Merger Agreement with Sinclair and the related litigation, our real estate monetization strategy, our costs savings initiatives, the changes to our WGN America original programming, the conditions in our industry, our operations, our economic performance and financial condition, including, in particular, statements relating to our business and growth strategy. Important factors that could cause actual results, developments and business decisions to differ materially from these forward-looking statements are uncertainties discussed below and in the “Risk Factors” section of the Company’s filings with the SEC. “Forward-looking statements” include all statements that do not relate solely to historical or current facts, and can be identified by the use of words such as “may,” “might,” “will,” “could,” “should,” “estimate,” “project,” “plan,” “anticipate,” “expect,” “intend,” “outlook,” “seek,” “designed,” “assume,” “implied,” “believe” and other similar expressions. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. These forward-looking statements are based on estimates and assumptions by our management that, although we believe to be reasonable, are inherently uncertain and subject to a number of risks and uncertainties.

The following list represents some, but not necessarily all, of the factors that could cause actual results to differ from historical results or those anticipated or predicted by these forward-looking statements; our continued ability to successfully execute our business strategy, including our continued exploration of strategic and financial alternatives to enhance shareholder value following our termination of the Merger Agreement; uncertainty associated with the litigation relating to the termination of the Merger Agreement, including the amount and timing of damages, if any, we may be awarded or incur and the costs of pursuing and defending such litigation; changes in advertising demand and audience shares; competition and other economic conditions including incremental fragmentation of the media landscape and competition from other media alternatives; changes in the overall market for broadcast and cable television advertising, including through regulatory and judicial rulings; our ability to protect our intellectual property and other proprietary rights; our ability to adapt to technological changes; availability and cost of quality network, syndicated and sports programming affecting our television ratings; the loss, cost and / or modification of our network affiliation agreements; our ability to renegotiate retransmission consent agreements, or resolve disputes, with multichannel video programming distributors; our ability to realize the full value, or successfully complete the planned divestitures of our real estate assets; the valuation process and potential sale of the Company’s interest in Chicago Entertainment Ventures, LLC; the incurrence of additional tax-related liabilities related to historical income tax returns; the potential impact of the modifications to the spectrum on the operation of our television stations and the costs, terms and restrictions associated with such actions; the incurrence of costs to address contamination issues at physical sites owned, operated or used by our businesses; adverse results from litigation, governmental investigations or tax-related proceedings or audits; our ability to settle unresolved claims filed in connection with our and certain of our direct and indirect wholly-owned subsidiaries’ Chapter 11 cases and resolve the appeals seeking to overturn the bankruptcy court order confirming the First Amended Joint Plan of Reorganization for Tribune Company and its Subsidiaries; our ability to satisfy future pension and other postretirement employee benefit obligations; our ability to attract and retain employees; the effect of labor strikes, lock-outs and labor negotiations; the financial performance and valuation of our equity method investments; the impairment of our existing goodwill and other intangible assets; compliance with, and the effect of changes or developments in, government regulations applicable to the television and radio broadcasting industry; changes in accounting standards; the payment of cash dividends on our common stock; impact of increases in interest rates on our variable rate indebtedness or refinancings thereof; our indebtedness and ability to comply with covenants applicable to our debt financing and other contractual commitments; our ability to satisfy future capital and liquidity requirements; our ability to access the credit and capital markets at the times and in the amounts needed and on acceptable terms; the factors discussed under the heading “Risk Factors” of the Company’s filings with the Securities and Exchange Commission; and other events beyond our control that may result in unexpected adverse operating results. In addition, in light of these risks and uncertainties, the matters referred to in the forward-looking statements contained in this press release may not in fact occur. Any forward-looking information presented herein is made only as of the date of this press release and we undertake no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.